Defensive European equities - UCITS III Fund

ISIN : Part I - LU0284395984
Part A - LU0284396016
Part B - LU0284396289

The inception of the fund :

21/12/2007, 04/03/2008 (B Units)

PROMOTERS : DNCA Finance

MANAGERS : Grégoire Scheiff, Isaac Chebar

PHILOSOPHY
This fund – which is eligible for the PEA scheme – has a "value" approach applied to European equities. Centifolia Europe is made up of discounted equities that offer high dividends and prospects of consis¬tent earnings growth.

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Aggregate perf. at the 29/07/2010	Since the 01/01/10	1 month	3 month	6 month	1 year	5 year	Since the creation**	2009
Leonardo Centifolia Europe (B Unit)	-4,32 %	0,85 %	-5,25 %	-2,53 %	8,47 %	-- %	-6,72 %	22,31 %
Leonardo Centifolia Europe (I Unit)	-3,51 %	0,97 %	-4,91 %	-1,83 %	9,12 %	-- %	-3,65 %	24,05 %
DJ stoxx 600	0,93 %	5,10 %	-1,40 %	3,77 %	13,94 %	-- %	-17,40 %	27,99 %
MSCI PAN Europe	-0,37 %	5,06 %	-1,52 %	3,03 %	12,03 %	-- %	-18,34 %	25,66 %

** Unit B created on 04/03/2008

« The last performances are not a reliable indicator of the future performances. »

OBJECTIVES
Capital appreciation in the medium term Volatility lower than that of the MSCI Europe

ASSET CLASSES
European equities (minimum 75%)

TARGET
For the investor who wants to invest in European equities while minimising risk in this asset class.

PERFORMANCES
2009 : 22,31%
Part B launched on 4 March 2008
DNCA Centifolia Europe FR's Performances:
2007 : 2,20 %
2006 : 16,85 %
2005 : 17,92 %
Fund created the 2nd april 2004